PPG to cut 2,000 jobs in Europe |
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(cen.acs) -- PPG
Industries plans to cut 2,000 jobs, mostly in its European architectural
coatings business. As a result, the firm will take a one-time USD208 million
charge against earnings to account for the cuts and unspecified asset
write-offs.
According to CEO Charles E. Bunch, the cost reductions "are
needed to ensure that our cost structure is appropriate for business conditions
and that all of our operations remain competitive globally."
As the
cutbacks go into effect, the firm expects to save between USD40 million and
USD50 million this year. When completed, the cost reductions will save the firm
about USD140 million annually.
Coatings demand in Europe is "muted",
Bunch explains, and it is expected to recover slowly in the aftermath of
the European debt crisis. Elsewhere, demand for automotive, aerospace, and
industrial coatings is strong, he said. |
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mrcplast.com | |
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